The Wealth of Nations, Adam Smith
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The Wealth of Nations

Author: Adam Smith

Narrator: Michael Edwards

Unabridged: 35 hr 13 min

Format: Digital Audiobook Download

Published: 12/06/2010


Synopsis

First published in 1776, this work is the classic statement of economic liberalism or the policy of laissez-faire and is widely considered on of the hundred greatest books of all time. Several fundamental principles or “axioms” were introduced in this work, including the division of labor, supply and demand, and free market capitalism as some of the most obvious. Smith’s political economy is primarily individualistic: self-interest is the incentive for economic action. However, he shows that universal pursuit of self-interest contributes to the public interest, a concept probably best encapsulated by John F. Kennedy when he remarked, “a rising tide raises all boats.”

Author Bio

Adam Smith (1723-1790) was a Scottish philosopher who is best known for his book The Wealth of Nations, which had a profound influence on modern economics and concepts of individual freedom. He was a professor of logic at Glasgow University, as well as the chair of moral philosophy. His lectures covered the field of ethics, rhetoric, jurisprudence, and political economy. In 1759, he published his Theory of Moral Sentiments, which embodies some of his Glasgow lectures. In 1776, he published The Wealth of Nations, which covered such concepts as the role of self-interest, the division of labor, the function of markets, and the international implications of a laissez-faire economy. Smith is most often recognized for the expression "the invisible hand," which he used to demonstrate how self-interest guides the most efficient use of resources in a nation's economy, with public welfare coming as a by-product.

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